How much would you need to deposit in an account now in order to have $5000 in the account in 10 years? Assume the account earns 6% interest compounded monthly.

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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How much would you need to deposit in an account now in order to have $5000 in the account in 10
years? Assume the account earns 6% interest compounded monthly.
Transcribed Image Text:How much would you need to deposit in an account now in order to have $5000 in the account in 10 years? Assume the account earns 6% interest compounded monthly.
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